MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

UNIPEX DAIRY PRODUCTS CO LTD

 

 

Registered Office :

Industrial Area No. 2, 5646 Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.03.1978

 

 

Com. Reg. No.:

3140

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

  • Dairy Division - Subject is engaged in the production and processing of dairy products, specialising in ice cream.
  • Dry Grain Division - Engaged in the production of dry grain and other food ingredients.

 

 

No of Employees :

280

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UAE - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

Company Name                                    : UNIPEX DAIRY PRODUCTS CO LTD

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 27th March 1978

Commercial Registration Number           : 3140, Sharjah

Trade Licence Number                           : 364

Chamber Membership Number               : 169

Issued Capital                                       : UAE Dh 2,000,000

Paid up Capital                                     : UAE Dh 2,000,000

Total Workforce                         : 280

Activities                                               : Subject operates several divisions (see below for details).

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Krishna Daz, Finance Manager

COMPANY NAME

 

UNIPEX DAIRY PRODUCTS CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Industrial Area No. 2

PO Box            : 5646

Town                : Sharjah

Country : United Arab Emirates

 

Telephone         : (971-6) 5337434 / 5337864 / 5326339 / 5321146 / 5035142

Facsimile          : (971-6) 5336312

Mobile              : (971-55) 9855179

Email                : unipex@iffco.com / unipex@emirates.net.ae

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Faisal Bin Khalid Al Qassimi                                                   Managing Director

 

·       Luis Rezo                                                                                         Chief Executive Officer

 

·       Sudhir Chavan                                                                                  General Manager

 

·       Manu Batra                                                                                       Commercial Manager

 

·       Krishna Daz                                                                                      Finance Manager

 

·       Piyush Jain                                                                                      Financial Controller       

 

·       Munjam Sajjad                                                                                  Human Resources Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th March 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 3140, Sharjah

 

Trade Licence No.        : 364 (Expires 23/06/2014)

 

Chamber Member No.  : 169

 

Issued Capital              : UAE Dh 2,000,000

 

Paid up Capital            : UAE Dh 2,000,000

 

Name of Shareholder (s)

 

·       IFFCO Limited

PO Box: 4115

Sharjah

     United Arab Emirates

     Tel: (971-6) 5334969

     Fax: (971-6) 5333180

     Email: iffco@iffco.com

 

·       Sheikh Faisal Bin Khalid Al Qassimi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the IFFCO Group of Companies, which consists of the following concerns:

 

·       Emirates Industrial & Trading Co Ltd (EITCO)

     Sharjah Port

     PO Box: 4115 / 6906

     Sharjah

     United Arab Emirates

     Tel: (971-6) 5334696

     Fax: (971-6) 5333180

 

·       Emirates Refining Co Ltd (ERCO)

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5357966

 

·       Intergulf Services Ltd

     PO Box: 6131

     Sharjah

     United Arab Emirates

     Tel: (971-6) 2281391

 

·       Emirates Grain Products Co Ltd

     PO Box: 24275

     Port Khalid

     Sharjah

     United Arab Emirates

     Tel: (971-6) 3357966

 

·       Tiffany Foods Ltd

     PO Box: 4115

     Sharjah

     United Arab Emirates

     Tel: (971-6) 3365195

 

·       Allana International Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 2816120

 

·       Delmon Products Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 2816504

 

·       Seville Products Ltd (LLC)

Al Ramool Industrial Area

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 2850066

Fax: (971-4) 2850066 / 2855724

 

·       Allana & Sons Pvt Ltd

Bombay

     India

 

·       Woodhouse Drake and Carey Limited

London

United Kingdom

 

·       Kupak SDN

Kuala Lumpur

Malaysia

 

·       Al Ain National Juice & Refreshment Co

 

·       Dubai Meat Packers Ltd

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Dairy Division

 

     Subject is engaged in the production and processing of dairy products, specialising in ice cream.

 

·       Dry Grain Division

 

     Engaged in the production of dry grain and other food ingredients.

 

Import Countries: Switzerland

 

International Suppliers:

 

·       Givaoudan               Switzerland

 

Brand Names: IGLOO, LONDON DAIRY and ALANA DAIRY

 

Operating Trend: Steady

 

Subject has a workforce of approximately 280 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                UAE Dh 258,078,000                 UAE Dh 261,547,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr. Krishna Daz, Finance Manager

BANKERS

 

·       National Bank of Sharjah

Al Boorj Avenue

     PO Box: 4

     Sharjah

     Tel: (971-6) 5547747

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the contact details provided belong to the subject’s sister company “Emirates Grain Products Co Ltd”.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48                  

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.